J-K has potential to be key driver of India's economic growth: Jitendra Singh

Srinagar, Aug 25 (PTI) Union Minister Jitendra Singh on Monday said Jammu and Kashmir has the potential to emerge as a key driver of India's economic growth, and called upon the Indian Chamber of Commerce (ICC) to facilitate private sector participation in the Union territory actively.

"The Union Territory has the potential to emerge as a key driver of India's economic growth. But the private sector's partnership with government is essential for J-K's economic growth," Singh said at the ICC Centenary Retreat here.

He called upon the ICC to actively facilitate private sector participation in Jammu and Kashmir.

Singh emphasised that the Modi government has dismantled long-standing barriers between the public and private sectors and it is now for industry to step in.

"The government has become very forthcoming. We have even opened up the nuclear sector, but the private industry was not ready because it did not expect this change. Now is the time for industry to take the lead," he said.

Underscoring the importance of J-K in the new growth landscape, the minister cited the "purple revolution" of lavender cultivation as an example of a successful public-private partnership.

Singh said local self-help groups, including women-led ones, are adopting advanced techniques in apple cultivation, leading to higher yields and longer shelf life for produce.

"These are examples of how early industry linkage can transform livelihoods in the region," he said, urging the Chamber to connect entrepreneurs with government agencies and private players on a larger scale.

The minister also highlighted the Startup boom in the country, with nearly 1.7 lakh ventures now registered, over 60 per cent of them from tier-2 and tier-3 towns.

He argued that cities like Srinagar were well-positioned to ride this wave.

"The aspiration levels in smaller towns are higher, and with the right ecosystem, J-K can become a hub for innovation and entrepreneurship," he said.

Pointing to the government's policy shift, Singh said sectors once considered exclusive to the public sector, such as space and biotechnology, had been opened up to private investment, with frameworks already in place for collaboration.

He added that India's next economic revolution is expected to be biotechnology-driven, and J-K must find its place in this transformation.

Calling the ICC retreat in Srinagar both timely and symbolic, he said it sent a clear message that the Union Territory is ready to be integrated into India's mainstream economic growth.

"This is the best time for the industry to engage with Jammu and Kashmir. What is needed is a clear plan and a timeline to make things happen," he said.

At another function after inaugurating the DST Inclusive Technology Business Incubator (i-TBI) and iFactory Lab at the Islamic University of Science and Technology (IUST), Awantipora, Singh said the initiative is a major step toward building a vibrant start-up ecosystem in J-K.

Announcing a Rs 5-crore support package from the Department of Science and Technology (DST), the Union minister said the Central government is committed to hand-holding aspiring entrepreneurs from the valley.

"We are starting with 15 start-ups, and in the next three years, this number will grow to 30. The aim is to ensure that the youth of Jammu and Kashmir never miss the bus of India's innovation revolution," he said.

The minister also unveiled a Technology Innovation Hub (TI Hub) and announced a 12-month faculty development programme, emphasizing that both students and teachers must embrace new-age knowledge to remain globally competitive.

He highlighted that the iFactory Lab, set up under the Ministry of Heavy Industries' C4i4 initiative, will expose students to Industry 4.0 technologies such as artificial intelligence, robotics, and data analytics.

Singh said IUST's Centre for Innovation and Entrepreneurship Development (CIED-IUST Foundation) is a "model of how higher education institutions can integrate incubation, technology development, and start-up support." Highlighting J-K's demographic strengths, where over 65 per cent of the population is under 35, Singh said innovation and entrepreneurship are vital to tackling the region's high youth unemployment rate.

The minister urged universities, parents, and industry partners to actively support young entrepreneurs rather than diverting them to conventional career paths.

"The strange phenomenon is that when youngsters from Kashmir move out, they become highly enterprising and excel. Our collective responsibility is to create the same opportunities here so they can thrive at home," he said.

Singh said J-K's young innovators could emerge as "torchbearers of India's growth story," adding the initiatives launched at IUST are not just about local transformation, but also about ensuring the region's active contribution to India's global leadership in science, technology, and innovation. PTI SSB NB NB